Thursday, January 19, 2012

Wachovia Bank - This bank faced complete collapse after it was declared insolvent by bank regulators. Wells Fargo, which initially received $25 billion in taxpayer bailout monies, and countless billions more in "printed taxpayer money" from the Federal Reserve, stepped in to subsume much of its banking operations after laying off thousands. After being granted this "lifeline", Wachovia then proceeded to STEAL The Courtyard of Chapel Hill via UNCONTESTED bank foreclosure fraud, because, together with their attorneys (Nelson Mullins) this bank, among other things, UNLAWFULLY prevented Spencer C. Young from hiring legal counsel. When this fraud was brought to the attention of Wells Fargo executive management and their Board of Directors, they did NOTHING, and therefore tacitly endorsed this ILLEGAL activity.

Paragon Commercial Bank - This bank is comprised almost entirely of former Wachovia Bank executives and stole The Pit Stop of Durham and Mr. Young's residence in Chapel Hill via blatant and audacious bank foreclosure fraud, and was assisted by the law firm of Poyner & Spruill.

Keep in mind, the highly coordinated bank foreclosure fraud was carried out by Wachovia and Paragon at the behest of Morgan Stanley (and their attorneys, Kirkland & Ellis) as a dastardly form of cover-up, so as to deprive Mr. Young of resources and undermine his professional and personal credibility, so he could not viably pursuehis now massive claims in the MorganStanleyGate scandal.

The below valuations reflect the redevelopment values based on then recently executed leases at the first two listed properties, along with relevant information supporting these valuations.

Property Name

Redevelopment Market Value

Basis for Valuation

The Pit Stop of Durham

$7,745,000

Proforma / Actual Rent Roll as of January 2, 2008 based on most recently executed leases

The Courtyard of Chapel Hill

$11,760,000

Proforma / Actual Rent Roll as of January 2, 2008 based on most recently executed leases

Meadowmont Village Condo of Chapel Hill

$525,000

Recent sales comps of similar units in Meadowmont Village and Orange County Appraised Real Estate Values as of Jan. 2008

Total

$20,030,000

Note: The valuation of The Courtyard of Chapel Hill includes the Graham St. valet parking lots, which was financed by Paragon Commercial Bank.

Click here to access a more legible pdf version of this valuation analysis.

Click here to access a more legible pdf version of this valuation analysis.

Below is the valuation per Jan 2008 Orange County appraisal of the Meadowmont Village condominium directly below Mr. Young’s unit #134. It has the same layout, except the two units have the following differences: (1) #134 has superior views, for instance #124 has southern views obstructed by rooftop HVAC units; (2) #134 has 10 foot ceilings while #124 has 8 foot ceilings; (3) #134 has an enclosed terrace, but #124 does not. Other 3rd floor condos less desirably located in Meadowmont Village have sold in excess of $500,000 – ergo the FMV of $525,000 for Mr. Young’s Unit is reasonable. (Note: This property was later fraudulently conveyed to James A. & Katherine K. Pope at a below-market "under-the-table" price of $422,000).

Click here to access a more legible pdf version of this valuation analysis.

Importantly, Congress did NOT bail out Banks so they could defraud and persecute the taxpayers who bailed them out. Moreover, the corruption observed in this matter alone, suggests a threat to the integrity of the U.S. Justice System may exist.